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Recent News & Blog

  • 2020 Q4 tax calendar: Key deadlines for businesses and other employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

  • Employers have questions and concerns about deferring employees’ Social Security taxes

    The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations.

  • 5 key points about bonus depreciation

    Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027.

  • CARES Act made changes to excess business losses

    The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns.

  • The possible tax consequences of PPP loans

    If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics

  • Why do partners sometimes report more income on tax returns than they receive in cash?

    If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.

  • Does your business have a unique selling proposition?

    Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP).

  • Businesses: Get ready for the new Form 1099-NEC

    There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form?

  • Steer clear of the Trust Fund Recovery Penalty

    If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

  • Launching a business? How to treat start-up expenses on your tax return

    While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home.

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